Get insurance plan for credit / debit card, PAN card, membership card. Here is how | Photo credit: Getty Images
New Delhi: Credit cards, debit cards, PAN card, membership cards have become an integral part of the wallet of life these days. With point-of-sale terminals becoming readily available in stores and cashless transactions becoming easy, people in urban areas began to rely heavily on credit cards and debit cards. If the wallet is lost or misplaced, there is a risk of card misuse.
Nowadays, banks and insurance companies offer the Card Protection Plan (CPP) which provides insurance coverage against any loss, theft or fraud suffered by the cardholder in such a situation. Under this protection plan, your cards are protected against loss, theft or fraud.
Aside from credit or debit cards, documents such as the Permanent Account Number (PAN) card are also protected by such plans. In order to benefit from the benefits of these coverages, customers must pay a fixed amount to insure their cards. Depending on the service and seniority, banks offer several card protection plans. Various public and private banks have different card protection plans.
In order to benefit from these plans, users must pay an annual premium. Depending on the service and the length of occupancy, the cost of such a plan varies between Rs 900 and Rs 2,100. The best banks like the State Bank of India, ICICI Bank, Kotak Mahindra Bank, IndusInd Bank and Axis Bank offer card protection plans. The program covers your credit and debit cards against fraud due to loss / theft, skimming, counterfeiting, phishing, online use or PIN based fraud.
1. RPC SBI: As a Premium Card Protection customer, you can only enroll your spouse in the same plan. If you subscribe to a Platinum Card Protection Plan, you can enroll up to 4 family members (spouse and parents) and they can enjoy all the benefits of the Card Protection Plan. If you lose your precious credit, debit, and ATM cards from any bank, you can make a single call to the 24-hour CPP helpline to block all your lost cards.
2. ICICI Bank RPC: ICICI Bank also offers CPP card protection. It can be used in the event of card loss, theft, fraud and emergencies. You can protect all financial and non-financial cards, including credit, debit, loyalty, and membership cards, with CPP card protection. In the event of a lost or stolen card that could occur anywhere in the world, simply call the 24-hour CPP hotline to report the loss of the card (s).
3. Yes Bank RPC: Yes Bank also offers CPP card protection which protects your credit cards, debit cards and prepaid cards in the event of card loss, theft, fraud and related emergency with YES BANK. Key benefits include one-call assistance to block all credit / debit / prepaid cards at all banks, emergency cash assistance in India, emergency assistance for bills from hotel / travel tickets in India and abroad, free PAN card replacement, roadside assistance benefits, mobile phone benefit if mobile phone is lost and credit report and analysis of the benefit.
4. Kotak Mahindra Bank PRC: Kotak Mahindra Bank also offers CPP protection. Users can now enroll in the CPP Card Protection Program to benefit from the ability to block all of their cards with one phone call. The service is available 24X7. You can simply call CPP on 1800 419 4000 to block the cards.
5. Axis Bank RPC: Axis Bank, in association with CPP Assistance Services (P) Ltd., offers a comprehensive card protection service. With CPP, you can protect all your important cards and documents in the event of loss, theft, fraud and emergencies. Benefits include a call to block all your lost or stolen cards, fraud protection – 15 days advance notification, free loss card replacement, IMEI registration service and SIM lock, easy cash advance. emergency (in India only), emergency travel and hotel assistance and Valuable document registration.
It should be noted that the card protection plan takes effect from the date of payment for one year. To receive the benefits, the user must enroll in the desired credit protection plan by filling out a form with basic personal information and paying the indicated annual premium. Upon successful payment, a welcome kit is sent to the user which typically consists of a confirmation letter, plan benefits, terms and conditions, and a registration form.
The user is required to fill in the information relating to all the cards he wishes to associate with the plan. The completed form should be returned to the CPP issuing company or bank. Note that the auto-renew option can be used to renew the plan at the end of the term to avoid loss of coverage.